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Ecobank Kenya

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Ecobank Kenya
Company typePrivate
IndustryFinancial services
Founded2005
HeadquartersFortis Office Park
Muthangari Drive
Nairobi, Kenya[1]
Key people
Mohammed Nyaoga[2]
Chairman
Ehouman Kassi
Managing Director
ProductsLoans, Savings, Investments, Debit Cards, Credit Cards, Mortgages
RevenueDecreaseAftertax:US$-10.3 million (KES:-890 million) (2013)
Total assetsUS$427.6 million (KES:36.9 billion) (2013)
ParentEcobank
Websiteecobank.com/ke/

Ecobank Kenya is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the central bank and national banking regulator.[3][4]

Overview

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On 16 June 2008, Ecobank Transnational Incorporated acquired 75% of EABS Bank, which had been licensed in 2005. The bank changed its name to Ecobank Kenya Limited to reflect the new shareholding. Later, it increased its shareholding in the bank, to 95.67% as at 3 July 2013. As of December 2013, Ecobank Kenya had total assets valued at approximately KES:36.9 billion (US$427.6 million), with shareholders' equity of about KES:3.39 billion (US$39.3 million).[5][6]

Ecobank network

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Main article: Ecobank Transnational

Ecobank Kenya is a member of Ecobank Transnational, the leading independent pan-African bank, headquartered in Lomé, Togo with affiliates in West Africa, Central Africa, East Africa and Southern Africa. Ecobank, which was established in 1985, has grown to a network of over 600 branches, employing over 10,000 people, with offices in 33 countries including Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Republic of Congo, Democratic Republic of Congo, Equatorial Guinea, France, Gabon, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome, Senegal, Sierra Leone, South Sudan, Tanzania, The Gambia, Togo, Uganda, Zambia and Zimbabwe.[7] Ecobank Transnational also maintains representative offices in Angola, China, Ethiopia, South Africa, and the United Arab Emirates.[8]

Parent company

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Ecobank Transnational Inc. is the parent company of the Ecobank Group which includes the following specialized subsidiaries:[9]

The stock of Ecobank is traded on the Ghana Stock Exchange (GSE), the Nigerian Stock Exchange (NSE) and the BRVM stock exchange in Abidjan, Ivory Coast.[10]

Ownership

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Ecobank Kenya is 100% owned by Ecobank Transnational.[11]

Governance

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The chairman of the 10-person board of directors is Charles Ogalo, a businessman and non-executive director. Samuel Ashitey Adjei, serves as the managing director and CEO.[12]

Branch Network

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As of July 2017, the bank maintains 21 networked branches in Kenya.[13][14] In October 2016, Ecobank Kenya notified the public and its customers of its plans to close nine of its twenty-nine branches, to reduce the number to 20, by end of April 2017.[15]

See also

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References

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  1. ^ Ngunjiri, James (10 October 2016). "Ecobank HQ moves from city centre to Waiyaki Way". Business Daily Africa. Nairobi. Retrieved 11 October 2016.
  2. ^ "Nyaoga Named Ecobank Kenya Board Chairman". CapitalFm.Co.Ke. 1 July 2014. Retrieved 1 August 2014.
  3. ^ "Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). 2013. Archived from the original on 1 July 2014. Retrieved 1 August 2014.
  4. ^ Omondi Okoth, Jackson (19 July 2014). "Ecobank Kenya Gets License To Open Investment Bank". The Standard (Kenya). Retrieved 1 August 2014.
  5. ^ "Ecobank Kenya Financial Report 31 December 2013". Ecobank Transnational Inc. Retrieved 1 August 2014.
  6. ^ Irungu, Geoffrey (1 July 2014). "Ecobank To Inject KSh8.8 Billion In Kenya Unit for Expansion". Business Daily Africa (Nairobi). Retrieved 1 August 2014.
  7. ^ "The Ecobank Worldwide Network". Ecobank Transnational. Retrieved 1 August 2014.
  8. ^ "List of Worldwide Ecobank Representative Offices". Ecobank Transnational. Archived from the original on 18 July 2014. Retrieved 1 August 2014.
  9. ^ "Ecobank Specialised Subsidiaries". Ecobank Transnational. Retrieved 1 August 2014.
  10. ^ "Nigeria: Ecobank Lists Shares on Three Stock Exchanges". Vanguard (Nigeria). Lagos. 13 September 2006. Retrieved 1 November 2016.
  11. ^ Ecobank. "Ecobank - The Pan African Bank". www.ecobank.com. Retrieved 2022-04-28.
  12. ^ Ngigi, George (1 March 2016). "Ecobank replaces Kenyan unit CEO with Ghanaian executive". Business Daily Africa. Nairobi. Retrieved 1 November 2016.
  13. ^ "Ecobank Kenya Branch Locations". Ecobank Kenya. Retrieved 1 August 2014.
  14. ^ Kiprono, Enock (24 April 2014). "Ecobank Records High Profit Growth". Fenesi.Com. Retrieved 1 August 2014.
  15. ^ Ngigi, George (31 October 2016). "Ecobank marks nine branches for closure in digital business plan". Business Daily Africa. Nairobi. Retrieved 1 November 2016.
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